13 July 2005
Couples planning to get married would be taking out 51,850 loans this year to fund their wedding celebrations, Sainsbury's Bank estimates.
The bank estimated that these loans would be worth £467 million, funding the rising cost of weddings.
Saying that the cost of wedding celebrations is rising at a rate of ten per cent a year, the bank urged couples to shop around to find the best loan deal.
By failing to do so, newlyweds could pay up to £13 million in excess interest repayments.
Sainsbury's Bank's loans manager Rachel Brereton said taking out a loan is a sensible way of funding an average wedding costing £17,000, but warned that couples should shop around for the best deal.
She said that many high street lenders charged up to 5.4 per cent APR more than the most competitive loan rates on the market.
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